1. Relationship between Marginal Cost (MC) and Average Cost (AC). [based on the above picture]
2. Relationship between Marginal Cost (MC) and Average Variable Cost (AVC). [just change the "AC" to "AVC"]
Example Question : Explain the relationship between marginal cost and average cost. [6 marks]
suggestion answer:
- Diagram 2 marks
- explanation = 4 marks
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